Homeownership remains one of the most powerful pathways to long-term wealth accumulation in the United States. In our recent report on Asian American, Native Hawaiian, and Pacific Islander (AANHPI) wealth-building trajectories, we showed that homeownership is the engine of wealth building over the life course. Yet limited research examines AANHPI homeownership patterns using disaggregated data. The “model minority” narrative often treats AANHPIs as a monolithic group, masking substantial variation in income, geography, housing market exposure, and intergenerational living arrangements across communities.
This report provides a comprehensive examination of AANHPI homeownership dynamics using disaggregated data by ethnic origin, geography, and household structure. We analyze long-term trends in homeownership growth, the role of immigrant households and first-generation buyers, mortgage access and denial patterns, geographic concentration and affordability conditions, labor market clustering, and multigenerational living arrangements. Together, these lenses offer a structural view of how AANHPI households enter, sustain, and adapt within the US housing market.
Key Findings
Strong first-generation demand within a diverse community: Homeownership remains one of the most powerful pathways to long-term wealth accumulation in the United States. AANHPI population has grown rapidly over the past several decades, expanding from 8.4 million people in 1960 to nearly 20.9 million in 2024, now representing 6.3 percent of the US population. AANHPIs are also the only majority-immigrant racial or ethnic group in the United States, with 76 percent of AANHPI adults are foreign-born. Many of these first-generation immigrants are concentrated in their prime working and homebuying years, with 62 percent of immigrant households between ages 35 and 64. At the same time, AANHPI communities are not monolithic: they include more than 30 distinct ethnic subgroups, as well as Native Hawaiian and Pacific Islander communities with deep historical roots in the United States. These communities differ widely in income levels, migration pathways, education, and housing market outcomes, underscoring the importance of disaggregated analysis to better understand how AANHPI households enter, sustain, and adapt within the US housing market.
Rapid homeownership gains amid persistent barriers: Over the past three decades, the AANHPI homeownership rate increased 11 percentage points—from 52 percent in 1990 to 63 percent in 2024—with much of this growth driven by immigrant households. First-generation buyers play a central role: 74 percent of AANHPI first-time homebuyers are foreign born, reflecting strong demand for homeownership among immigrant households. Yet structural barriers remain. Even at similar levels of income and education, AANHPI households have lower homeownership rates than white households, and Asian borrowers experience higher mortgage denial rates, often due to debt-to-income constraints, limited collateral, or incomplete credit applications. Housing outcomes also vary widely across the more than 30 AANHPI ethnic groups, underscoring the importance of disaggregated analysis.
Geographic concentration and affordability challenges: Geography plays a major role in shaping AANHPI housing outcomes. As of 2024, 46.9 percent of AANHPI households live in just three states—California (29.5 percent), New York (8.6 percent), and Texas (8.7 percent)—and more than 70 percent reside in the ten states with the largest AANHPI populations. These concentrations place many households in high-cost metropolitan areas where homeownership is more difficult to attain, though gradual dispersion toward more affordable markets is underway. Labor market patterns reinforce this geography: 15.1 percent of AANHPI workers are employed in professional, scientific, and technical services, compared with 8.1 percent of all other workers, with about half working in computer systems design and related services. These industries offer strong earnings potential but often anchor households in expensive housing markets, creating a tension between income growth and long-term affordability.
Multigenerational living as both cultural preference and household adaptation: Certain forms of multigenerational living have grown from 1960 to 2024. Households with co-residing adult children increased from 7 percent to 10 percent, while households living with parents rose from 1.7 percent to 4.9 percent, reflecting evolving family structures, aging demographics, and housing affordability pressures. Immigration status plays an important role in shaping these arrangements. Among AANHPI households with co-residing adult children, 27.6 percent of adult children in immigrant households are age 35 or older, compared with 18.1 percent in US-born households, suggesting that intergenerational co-residence often persists longer in immigrant families and may serve as an important strategy for managing caregiving responsibilities and housing costs.
